Principal Afore, S.A. de C.V. is the Mexican pension fund arm of US-based Principal Financial Group. In April 2011, Principal Afore announced that it would acquire 100% of HSBC Afore from UK banking group HSBC. The combined Afore became the country's sixth largest in terms of assets under management. With the acquisition, Principal also gained the exclusive right to distribute Afore products through HSBC's 1,100 branches for five years. The company was created in 1997 and is headquartered in San Pedro de los Garza y García in Mexico's Nuevo Leon state.